More than 100 JCPenney stores nationwide, including more than 20 in Texas, have been sold to a private equity firm for $947 million in cash. The deal is scheduled to close this fall.
The deal, which comes five years after the once-popular department store declared bankruptcy, is the result of an “exhaustive marketing and sale process,” run by real estate firm Newmark, a release said. The deal also means private equity group Onyx Partnerships will take ownership of all JCPenney-leased stores, including those at malls, and provides limited “termination rights on a property-by-property basis.”
As part of the 2020 bankruptcy, Copper Property CTL Pass Through Trust took control of 160 JCPenney retail properties and six warehouse distribution centers, with the intent to sell.
The deal with Onyx includes 119 of those 160 stores. According to Newmark, 21 JCPenney stores were in Texas, and three were in North Texas.
All 119 JCPenney stores remain open, and it wasn’t immediately clear what was planned for those stores.
The deal is expected to close Sept. 8, Copper Property said.
Earlier this year, JCPenney announced it was closing seven stores across the U.S., citing expiring lease agreements, market conditions and other business considerations. None of the stores were in Texas.
In 2023, an Associated Press report said the department store was planning to spend more than $1 billion by the end of 2025 to revive the storied but troubled 121-year-old chain.
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